Norwegian oil services company Aker Solutions has become a shareholder in thermoplastic composite pipe (TCP) manufacturer Airborne Oil & Gas.
Airborne Oil & Gas said on Friday that Aker Solutions joined a shareholder base which includes Chevron, Evonik Venture Capital, Saudi Aramco, Shell, Subsea 7, Sumitomo Corp. and the private equity investor, HPE Growth Capital.
According to the company, a collaboration between Airborne and Aker Solutions will see the Norwegian firm utilizing TCP to improve field development economics globally.
Oliver Kassam, Airborne Oil & Gas CEO, said: “Today’s announcement demonstrates the growing confidence and the long-term value our qualified and field proven thermoplastic composite pipe (TCP) technology can bring to the oil and gas industry.
“We also look forward to working closely with Aker Solutions to explore synergies for collaborative manufacturing and producing the next generation of TCP solutions for deepwater developments in line with our overarching strategic goals.”
Airborne stated that TCP was proven to outperform steel and other pipeline materials in terms of durability, corrosion resistance, and total installation costs. It is built to handle design pressures up to 15,000 psi/1,050 bar and temperatures up to 121˚C/250˚F.
TCP’s current applications are suitable for both greenfield and brownfield developments in all regions and water depths.
Chief technology officer at Aker Solutions, John Macleod, added: “Acquiring a stake in Airborne Oil & Gas positions Aker Solutions at the forefront in the development of next-generation pipeline materials. We are excited to work with Airborne to introduce existing and new applications of thermoplastic composite pipe solutions into our subsea portfolio.”